Performance universe of pension managers’ pooled funds · Performance universe of pension...

Knowledge & insights

Performance universe of pension managers’ pooled fundsAs at December 31, 2019

Performance universe of pension managers’ pooled funds as at December 31, 2019 | January 2020 2

The managers who contribute to the Universe manage assets totaling approximately $470 billion, including pension funds assets of some $230 billion. Rates of return are calculated before deduction of management fees and in Canadian dollars.

You may wish to complete your review of rates of return by consulting our risk analysis. It illustrates the manager’s risk and style.

This brochure presents excerpts from our Performance Universe – produced quarterly. Complete and Express versions of the Performance Universe are available by subscription. If you would like more information or to subscribe to one or more Universes, please contact us at 514.878.9090, local 8304.

Jeannette Moussally, AnalystJean Bergeron, Vice PresidentAsset & Risk Management


Fund name Manager style Quarter Year to dateAnnualized rate of return

1 year 3 years 5 years% R % R % R % R % R

Addenda Balanced Pooled Fund1 Core 2.37 23 15.25 20 15.25 20 7.75 8 7.30 9BMO AM Balanced Fund1 Core 2.42 22 15.85 17 15.85 17 7.41 12 7.56 6Burgundy Balanced Foundation Fund1 Value 2.64 17 13.52 27 13.52 27 6.21 24 7.20 14Burgundy Balanced Pension Fund1 Value 2.25 26 13.00 28 13.00 28 5.39 30 6.86 16CC&L Balanced Plus Fund II1 Core 2.84 11 16.05 15 16.05 15 7.06 14 6.62 18CC&L Genesis Fund1 Core 2.81 12 15.98 16 15.98 16 7.05 15 6.60 20CGOV Balanced1 Core 2.08 31 11.28 32 11.28 32 6.27 23 6.51 22CGOV Total Equity Fund1 Core 3.13 8 16.79 9 16.79 9 9.06 4 9.30 2CI Signature Canadian Balanced1 Core 3.42 5 15.78 18 15.78 18 6.76 18 5.96 30CI Signature Income & Growth Fund1 Core 4.12 3 17.25 7 17.25 7 7.34 13 6.56 21CIBC Balanced Pool1 Core 3.32 6 15.06 23 15.06 23 6.45 22 6.33 25Co-operators Value 1.88 33 15.11 22 15.11 22 6.20 26 6.38 24Duncan Ross Equity Fund Value 4.69 1 22.19 1 22.19 1 14.86 1 11.82 1Fidelity Strategic Balanced Trust1 Core 2.29 25 17.61 6 17.61 6 7.68 10 7.22 12Fidelity Tactical Asset Allocation Trust1 Other 3.03 10 16.79 10 16.79 10 7.47 11 6.62 19Fiera Capital Balanced Core Fund1 Core 2.45 20 17.80 4 17.80 4 8.92 5 7.97 5Foyston, Gordon & Payne1 Value 1.99 32 10.65 34 10.65 34 5.37 31 5.44 32Franklin Bissett Canadian Balanced Fund1 GARP 2.79 13 12.62 30 12.62 30 4.45 35 5.09 33Franklin Bissett Dividend Income Fund1 GARP 1.70 34 17.64 5 17.64 5 5.73 28 6.24 26

Franklin Quotential Balanced Growth1 Growth 2.69 16 13.95 26 13.95 26 6.20 25 6.17 28Franklin Templeton Institutional Balanced Trust1 GARP 2.61 18 12.32 31 12.32 31 5.01 33 5.07 34Gryphon Balanced Fund GARP 2.43 21 10.81 33 10.81 33 5.68 29 6.02 29Guardian Balanced Fund Growth 0.96 35 12.96 29 12.96 29 6.08 27 6.20 27Invesco Canadian Premier Balanced Fund1 Growth 2.12 30 15.12 21 15.12 21 4.97 34 5.71 31

Invesco Income Growth Fund1 Value 4.28 2 18.54 2 18.54 2 6.55 20 7.21 13

Diversified fundsAs at December 31, 2019

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI




Jarislowsky Fraser1 GARP 2.73 15 14.95 24 14.95 24 6.56 19 6.96 15Manulife AM Monthly High Income1 Value 2.23 27 16.19 13 16.19 13 8.08 7 6.85 17Mawer Balanced Pooled Fund1 GARP 3.07 9 16.41 12 16.41 12 9.16 3 8.63 3MFS Balanced Fund1 Core 2.32 24 17.06 8 17.06 8 8.20 6 7.49 7MFS Balanced Growth Fund1 Growth 2.50 19 17.92 3 17.92 3 9.68 2 8.36 4MFS Balanced Value Fund1 Value 2.20 28 16.54 11 16.54 11 7.01 16 7.24 10PH&N Balanced Pension Trust1 GARP 3.66 4 16.13 14 16.13 14 7.71 9 7.46 8Scheer Rowlett & Associates1 Value 2.74 14 15.77 19 15.77 19 6.97 17 7.24 11SEI Investments Value 3.20 7 14.71 25 14.71 25 6.53 21 6.44 23Yorkville Global Opportunities Class2 Value 2.16 29 7.71 35 7.71 35 5.05 32 4.68 35

Number of funds 35 35 35 35 35

Diversified fundsAs at December 31, 2019 (cont’d)

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Not elligible for Group RRSP


Diversified fundsAs at December 31, 2019 (cont’d)

3 45% fixed income/55% equity4 40% fixed income/60% equity

Rank Quarter Year to date 1 year 3 years 5 years

% % % % %5th percentile 4.17 18.10 18.10 9.31 8.831st quartile 3.05 16.79 16.79 7.69 7.27Median 2.61 15.78 15.78 6.76 6.623rd quartile 2.24 13.73 13.73 6.14 6.2295th percentile 1.83 10.76 10.76 5.00 5.09 Benchmark3 2.13 16.04 16.04 7.29 6.68∆ Benchmark4 2.44 16.63 16.63 7.49 6.90

5 years3 years1 yearYearto date

Quarter0%

5%

10%

15%

20%


Fund name Quarter Year to dateAnnualized rate of return


Addenda Active Duration Bond Pooled Fund1 -0.01 15 6.92 48 6.92 48 3.66 51 3.47 37Addenda Active Duration Government Long Bond Pooled Fund1 -1.65 61 10.81 13 10.81 13 5.70 11 4.77 13Addenda Bonds Corporate Core Pooled Fund1 0.06 13 8.41 18 8.41 18 4.24 19 3.91 22Addenda Bonds Long Term Provincial Index Pooled Fund1 -2.04 68 13.46 5 13.46 5 6.76 6 5.32 9Addenda Bonds Universe Core Pooled Fund1 -0.88 53 7.41 34 7.41 34 3.99 29 3.43 39Addenda Corporate Long Bond Pooled Fund1 -0.46 23 15.09 2 15.09 2 7.43 2 6.03 3Addenda Impact Fixed Income Pooled Fund1 -0.62 29 8.16 21 8.16 21AlphaFixe Capital Floating Rate Bank Loans1 1.27 4 8.57 15 8.57 15 3.33 64 3.70 28AlphaFixe Capital Green Bonds1 -0.39 20 7.38 36 7.38 36AlphaFixe Capital Return Plus1 0.38 8 7.27 40 7.27 40 3.50 62AlphaFixe Capital Universe Active1 -0.46 22 7.25 41 7.25 41 3.96 31 3.61 34Baker Gilmore Bond Fund1 -0.52 25 7.23 42 7.23 42 3.89 35 3.27 50BMO AM Bond Fund1 -0.90 55 6.83 54 6.83 54 3.70 47 3.28 49Burgundy Bond Fund1 -0.78 44 6.83 53 6.83 53 3.63 55 3.33 46Burgundy Core Plus Bond Fund1 0.06 12 6.61 58 6.61 58 3.80 42 3.80 24Burgundy Total Return Bond Fund1 1.41 2 6.47 62 6.47 62 4.15 23 4.57 14CC&L Core Bond Fund1 -0.62 28 6.77 55 6.77 55 3.50 60 3.34 44CC&L Corporate Bond Fund1 0.22 9 8.36 19 8.36 19 4.21 21CC&L Long Bond Fund1 -1.71 63 12.96 10 12.96 10 6.50 8 5.25 11CC&L Total Return Bond Fund1 -0.37 19 7.59 30 7.59 30 3.87 37CC&L Ultra-Long Bond Fund1 -2.95 69 21.79 1 21.79 1 10.25 1CI Signature Canadian Bond1 -0.78 46 7.30 38 7.30 38 3.64 54 3.42 40CI Signature Core Bond Fund1 -0.72 39 7.28 39 7.28 39 3.67 50 3.52 36CI Signature Corporate Bond1 1.39 3 10.83 12 10.83 12 5.86 10 6.09 2CIBC Canadian Bond Active Universe Pool1 -0.71 38 7.61 28 7.61 28 3.91 34 3.58 35

Canadian bondsAs at December 31, 2019

1 Investment Manager Signatory of UN PRI




CIBC Canadian Bond Core Plus Bonds Pool1 -0.68 35 7.92 25 7.92 25 4.16 22 3.79 25CIBC Canadian Bond Overlay Pool1 -0.74 41 7.85 26 7.85 26 4.05 27 3.65 30CIBC Canadian Bond Universe Index Pool1 -0.85 50 6.94 47 6.94 47 3.70 46 3.29 48Co-operators -0.88 54 5.19 66 5.19 66 3.35 63 3.08 58Fidelity Canadian Bond Core Plus Trust1 -0.18 17 9.24 14 9.24 14 4.59 15 3.98 21Fidelity Canadian Bond Institutional Trust1 -0.62 30 7.85 27 7.85 27 4.13 24 3.63 31Fidelity Canadian Long Bond Core Plus Trust1 -1.59 60 14.20 3 14.20 3 7.09 3 5.60 6Fidelity Canadian Long Bond Institutional Trust1 -1.81 65 13.40 6 13.40 6 6.84 4 5.40 7Fiera Capital Active and Strategic Fixed Income – Credit Fund1 0.05 14 7.44 33 7.44 33 4.28 18 4.00 20Fiera Capital Active and Strategic Fixed Income Active Universe Funds1 -0.70 37 6.54 61 6.54 61 3.59 58 3.22 52Fiera Capital Blended Active Fixed Income Fund1 -0.64 31 6.68 57 6.68 57 3.60 57 3.15 56Fiera Capital Ethical Active Fixed Income Universe1 -0.66 33 6.73 56 6.73 56 3.64 53 3.13 57Fiera Capital Integrated Fixed Income - Credit Fund1 0.17 11 8.43 17 8.43 17 4.50 17 4.01 19Fiera Capital Tactical Fixed Income1 -0.94 56 6.57 59 6.57 59 4.23 20 3.22 53Fiera Integrated Fixed Income - Universe Fund1 -0.67 34 7.39 35 7.39 35 4.12 25 3.63 32Foyston, Gordon & Payne Conservative Bond Fund1 -0.72 40 6.07 64 6.07 64 3.61 56 3.24 51Foyston, Gordon & Payne Universe Bond Fund1 -0.57 26 6.56 60 6.56 60 3.69 48Franklin Bissett Bond Fund1 -0.44 21 8.54 16 8.54 16 4.58 16 4.14 16Guardian Canadian Bond Fund -1.20 58 6.44 63 6.44 63 3.77 44 3.30 47Guardian High Yield 0.53 6 4.75 67 4.75 67 3.99 30 4.85 12Guardian Short Duration Bond Fund 0.38 7 4.01 68 4.01 68 2.17 67 2.26 61Invesco Canadian Core Plus Bond Fund1 -0.12 16 10.99 11 10.99 11 4.84 14 4.05 18Jarislowsky Fraser1 -0.60 27 7.59 29 7.59 29 3.69 49 3.39 42Manulife AM Index1 -0.84 47 6.85 52 6.85 52 3.55 59 3.16 55

Manulife Asset Management Real Return Bond Fund1 -2.00 67 8.01 24 8.01 24 2.83 65 2.82 59

Canadian bondsAs at December 31, 2019 (cont’d)




1 Investment Manager Signatory of UN PRI 2 Not eligible for group RRSP



Manulife Canadian Core Fixed Income1 -0.78 45 7.57 31 7.57 31 3.86 38 3.34 43Manulife Canadian Core Plus Fixed Income1 -0.35 18 8.33 20 8.33 20 3.92 33 3.71 27Manulife Canadian Long Duration Fixed Income1 -1.87 66 13.06 9 13.06 9 6.50 9 5.27 10Mawer Canadian Bond Pooled Fund1 -0.85 49 7.12 45 7.12 45 3.50 61 3.18 54MFS Canadian Core Plus Fixed Income Fund1 -0.69 36 8.05 22 8.05 22 3.81 40MFS Canadian Fixed Income Fund1 -1.00 57 7.16 44 7.16 44 3.80 41 3.40 41MFS Canadian Long Term Fixed Income Fund1 -1.80 64 13.25 7 13.25 7 6.72 7 5.40 8Optimum Heritage ESG Universe Bond1 -0.65 32 7.32 37 7.32 37 4.08 26 3.83 23Optimum Short & Medium Term Bond1 0.21 10 3.69 69 3.69 69 2.42 66 2.48 60Optimum Universe Bond Strategic Bias1 -0.75 42 7.46 32 7.46 32 3.93 32 3.65 29PH&N Bond Fund1 -0.86 52 6.86 51 6.86 51 3.64 52 3.44 38PH&N Core Plus Bond Fund1 -0.84 48 6.86 50 6.86 50 4.02 28 4.05 17PH&N Enhanced Total Return Bond Fund1 -0.86 51 6.86 49 6.86 49 3.75 45 3.61 33PH&N High Yield Bond Fund1 1.23 5 7.19 43 7.19 43 5.19 13 6.18 1PIMCO Canada Canadian Core Plus Bond Trust1 -0.47 24 8.03 23 8.03 23 3.89 36 3.75 26PIMCO Canada Canadian Core Plus Long Bond Trust1 -1.54 59 13.75 4 13.75 4 6.80 5 5.90 4RBC High Yield Bond Fund1 1.45 1 13.10 8 13.10 8 5.36 12 5.84 5SEI Investments (Fixed Income) -0.77 43 7.12 46 7.12 46 3.79 43 3.34 45Yorkville Optimal Return Bond Class2 -1.70 62 5.30 65 5.30 65 3.85 39 4.54 15Number of funds 69 69 69 67 61




% % % % %5th percentile 1.25 13.64 13.64 6.83 5.901st quartile -0.35 8.41 8.41 4.39 4.14Median -0.68 7.39 7.39 3.91 3.633rd quartile -0.86 6.85 6.85 3.67 3.3395th percentile -1.84 5.23 5.23 3.34 3.08∆ Benchmark


Quarter-5%

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5%

10%

15%




Addenda Active Duration1 -0.01 4 6.92 24 6.92 24 3.66 26 3.47 13Addenda Bonds Universe Core Pooled Fund1 -0.88 35 7.41 12 7.41 12 3.99 9 3.43 15Addenda Impact Fixed Income Pooled Fund1 -0.62 14 8.16 3 8.16 3AlphaFixe Capital Green Bonds1 -0.39 7 7.38 14 7.38 14AlphaFixe Capital Return Plus1 0.38 2 7.27 17 7.27 17 3.50 37AlphaFixe Capital Universe Active1 -0.46 9 7.25 18 7.25 18 3.96 10 3.61 11Baker Gilmore Universe Bond Fund1 -0.52 10 7.23 19 7.23 19 3.89 13 3.27 26BMO AM Bond Fund1 -0.90 37 6.83 29 6.83 29 3.70 23 3.28 25Burgundy Bond Fund1 -0.78 27 6.83 28 6.83 28 3.63 30 3.33 22Burgundy Core Plus Bond Fund1 0.06 3 6.61 33 6.61 33 3.80 18 3.80 5Burgundy Total Return Bond Fund1 1.41 1 6.47 37 6.47 37 4.15 5 4.57 1CC&L Core Bond Fund1 -0.62 13 6.77 30 6.77 30 3.50 35 3.34 20CC&L Total Return Bond Fund1 -0.37 6 7.59 9 7.59 9 3.87 14CI Signature Canadian Bond1 -0.78 29 7.30 16 7.30 16 3.64 29 3.42 16CIBC Canadian Bond Active Universe Pool1 -0.71 23 7.61 7 7.61 7 3.91 12 3.58 12CIBC Canadian Bond Core Plus Pool1 -0.68 20 7.92 5 7.92 5 4.16 4 3.79 6CIBC Canadian Bond Universe Index Pool1 -0.85 32 6.94 23 6.94 23 3.70 22 3.29 24Co-operators -0.88 36 5.19 40 5.19 40 3.35 38 3.08 34Fidelity Canadian Bond Trust1 -0.62 15 7.85 6 7.85 6 4.13 6 3.63 8Fiera Capital Active and Strategic Fixed Income Ethical ESG Fund1 -0.66 18 6.73 31 6.73 31 3.64 28 3.13 33Fiera Capital Active Fixed Income Universe Fund1 -0.70 22 6.54 36 6.54 36 3.59 33 3.22 28Fiera Capital Blended Active Fixed Income Strategy1 -0.64 16 6.68 32 6.68 32 3.60 32 3.15 32Fiera Capital Tactical Fixed Income1 -0.94 38 6.57 34 6.57 34 4.23 3 3.22 29Fiera Integrated Fixed Income - Universe Fund1 -0.67 19 7.39 13 7.39 13 4.12 7 3.63 9Foyston, Gordon & Payne Conservative Bond Fund1 -0.72 24 6.07 39 6.07 39 3.61 31 3.24 27

Canadian bonds Universe mandateAs at December 31, 2019





Foyston, Gordon & Payne Universe Bond Fund1 -0.57 11 6.56 35 6.56 35 3.69 24Franklin Bissett Bond Fund1 -0.44 8 8.54 2 8.54 2 4.58 2 4.14 2Guardian Canadian Bond Fund -1.20 40 6.44 38 6.44 38 3.77 20 3.30 23Invesco Canadian Core Plus Bond Fund1 -0.12 5 10.99 1 10.99 1 4.84 1 4.05 3Jarislowsky Fraser1 -0.60 12 7.59 8 7.59 8 3.69 25 3.39 18Manulife AM Canadian Bond Index1 -0.84 30 6.85 27 6.85 27 3.55 34 3.16 31Manulife AM Canadian Core Fixed Income1 -0.78 28 7.57 10 7.57 10 3.86 15 3.34 19Mawer Canadian Bond Pooled Fund1 -0.85 31 7.12 21 7.12 21 3.50 36 3.18 30MFS Canadian Core Plus Fixed Income Fund1 -0.69 21 8.05 4 8.05 4 3.81 16MFS Canadian Fixed Income Fund1 -1.00 39 7.16 20 7.16 20 3.80 17 3.40 17Optimum Heritage ESG Universe Bond1 -0.65 17 7.32 15 7.32 15 4.08 8 3.83 4Optimum Universe Bond Strategic Bias1 -0.75 25 7.46 11 7.46 11 3.93 11 3.65 7PH&N Bond Fund1 -0.86 34 6.86 26 6.86 26 3.64 27 3.44 14PH&N Enhanced Total Return Bond Fund1 -0.86 33 6.86 25 6.86 25 3.75 21 3.61 10SEI Investments Fixed Income1 -0.77 26 7.12 22 7.12 22 3.79 19 3.34 21Number of funds 40 40 40 38 34

Canadian bonds Universe mandateAs at December 31, 2019 (cont’d)



Canadian bonds Universe mandateAs at December 31, 2019 (cont’d)


Quarter-2%

0%

2%

4%

6%

8%

10%Rank Quarter Year

to date 1 year 3 years 5 years

% % % % %5th percentile 0.08 8.17 8.17 4.28 4.081st quartile -0.56 7.49 7.49 3.95 3.63Median -0.68 7.14 7.14 3.78 3.393rd quartile -0.84 6.76 6.76 3.64 3.2795th percentile -0.94 6.42 6.42 3.50 3.14∆ Benchmark




Addenda Canadian Equity Pooled Fund1 Value 2.33 40 23.34 14 23.34 14 6.81 28 7.38 10

Addenda Preferred Share Pooled Fund1 Value 3.47 16 6.25 54 6.25 54

BMO AM Canadian Core Alpha Strategy1 Core 3.33 18 21.45 30 21.45 30 6.85 27 6.79 21

BMO AM Smart Alpha Equity Fund1 Core 1.12 53 25.70 2 25.70 2 9.83 3 8.60 4

Burgundy Canadian Large Cap Fund1 Value 2.07 44 15.58 45 15.58 45 2.59 52 3.84 46

CC&L Canadian Equity Fund1 Core/GARP 2.74 32 24.25 9 24.25 9 5.88 37 6.38 29

CC&L Q Canadian Equity Core Fund1 Core 3.01 25 22.99 18 22.99 18 7.63 16 6.99 15

CC&L Q Canadian Equity Growth Fund1 Growth 3.69 13 24.36 8 24.36 8 8.02 10 7.13 13

CGOV Canadian Equity Fund1 GARP 1.18 52 13.69 49 13.69 49 3.90 47 4.88 42

CGOV Dividend Fund1 Core 2.10 43 12.00 50 12.00 50 4.68 45 6.40 28

CI Cambridge All Canadian Equity Fund1 Value 3.84 8 20.34 35 20.34 35 4.79 43 6.19 34

CI Signature Canadian Equity Plus1 Value 7.65 1 25.43 4 25.43 4 9.44 4 8.79 2

CI Signature Dividend1 Value 5.08 4 15.52 46 15.52 46 6.52 31 6.47 27

CIBC Canadian Equity All Cap Value Pool1 Value 3.66 14 22.46 23 22.46 23 7.16 22 6.48 26

CIBC Canadian Equity S&P/TSX Index pool1 Passive Index 3.18 21 22.79 20 22.79 20 6.86 26 6.24 31

Co-operators Value 2.34 38 21.32 31 21.32 31 8.13 9 8.15 6

Fidelity Canadian Core Equity Trust1 Core 2.48 36 24.39 7 24.39 7 8.15 8 7.89 7

Fidelity Canadian Focused Equity Trust1 Core 3.04 24 26.37 1 26.37 1 9.19 5 8.99 1

Fidelity Canadian Systematic Equity Trust1 Core 2.14 42 24.40 6 24.40 6 8.47 7 8.35 5

Fiera Capital Canadian Equity Core1 Core 1.69 45 23.54 11 23.54 11 7.55 17 6.90 17

Fiera Capital Canadian Equity ESG Fund1 GARP 1.42 49 23.38 13 23.38 13 9.87 2

Fiera Capital Canadian Equity Fund1 GARP 1.35 51 23.54 12 23.54 12 9.96 1

Fiera Capital Canadian Equity Opportunities Ethical ESG Fund1 Value 7.40 3 19.27 39 19.27 39 2.90 50 4.58 43

Fiera Capital Canadian Equity Opportunities Fund1 Value 7.49 2 19.36 38 19.36 38 2.91 49 4.54 44

Canadian equityAs at December 31, 2019





Foyston, Gordon & Payne1 Value 3.00 26 10.89 51 10.89 51 2.63 51 4.50 45

Franklin Bissett Canadian Equity Fund1 Growth 2.87 29 21.66 28 21.66 28 5.63 40 6.31 30

Gryphon Canadian Equity Fund GARP 3.34 17 15.35 47 15.35 47 6.26 34 6.22 32

Gryphon Total Equity2 GARP 4.82 5 16.66 43 16.66 43 7.87 15

Guardian Canadian Equity Fund Growth 1.39 50 18.41 42 18.41 42 6.69 30 6.80 20

Guardian Canadian Focused Equity Fund Core 1.53 47 16.51 44 16.51 44 7.99 11

Guardian Equity Income GARP 3.74 12 20.57 32 20.57 32 4.59 46 5.07 41

Hexavest Canadian Equity Fund1 Core 3.81 9 19.59 37 19.59 37 5.28 41 5.24 39

Hillsdale Canadian Core Equity Fund Core 3.23 20 20.09 36 20.09 36 4.75 44 5.70 38

Invesco Canadian Fund1 Value 4.04 6 23.07 16 23.07 16 7.26 20 3.72 47

Invesco Canadian Premier Growth Fund1 Growth 3.62 15 18.82 40 18.82 40 5.17 42 6.50 25

Jarislowsky Fraser1 GARP 3.30 19 20.49 33 20.49 33 6.32 33 6.86 19

Manulife AM Canadian Large Cap Growth1 Growth 2.44 37 23.54 10 23.54 10 7.46 19 7.23 12

Manulife AM Large Cap Value1 Value 3.93 7 14.92 48 14.92 48 3.64 48 3.48 48

Manulife Canadian Core Equity Composite1 Core 2.58 33 25.54 3 25.54 3 9.08 6 8.76 3

Mawer Canadian Equity Pooled Fund1 GARP 3.12 22 22.26 24 22.26 24 7.13 23 7.82 8

MFS Canadian Equity Fund1 Growth 2.34 39 21.61 29 21.61 29 7.49 18 6.66 23

MFS Canadian Research Equity Fund1 Core 2.57 34 22.73 22 22.73 22 7.92 13 7.03 14

MFS Low Volatility Canadian Equity Fund1 Value 3.08 23 24.67 5 24.67 5 7.26 21 6.68 22

MFS Responsible Canadian Equity Fund1 Core 2.56 35 23.01 17 23.01 17 7.96 12 6.90 18

Optimum Canadian Equity1 Value 1.62 46 18.52 41 18.52 41 5.93 36 5.73 37

PCJ Canadian Equity Fund1 Growth 2.15 41 23.25 15 23.25 15 7.01 24 6.21 33

PH&N Canadian Equity Fund1 Growth 3.75 10 22.75 21 22.75 21 5.96 35 6.51 24

PH&N Canadian Equity Value Fund1 Value 2.80 31 20.34 34 20.34 34 6.78 29 6.93 16

Canadian equityAs at December 31, 2019 (cont’d)

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Contains a portion invested in foreign stocks


Canadian equityAs at December 31, 2019 (cont’d)



RBC QUBE Canadian Equity Fund1 Growth 2.84 30 21.88 25 21.88 25 6.99 25 5.97 35

RBC QUBE Low Volatility Canadian Equity Fund1 Core 1.52 48 22.85 19 22.85 19 7.89 14 7.69 9

Scheer Rowlett Canadian Equity Fund1 Value 3.00 27 21.77 26 21.77 26 6.47 32 7.34 11

SEI Investments Other 2.91 28 21.75 27 21.75 27 5.79 38 5.89 36

Yorkville Canadian QVR Enhanced Protection Class2 Value 0.21 54 6.31 53 6.31 53 2.21 53 2.56 49

Yorkville Enhanced Protection Class2,3 Value 3.75 11 7.84 52 7.84 52 5.74 39 5.11 40


1 Investment Manager Signatory of UN PRI2 Contains a portion invested in foreign stocks3 Not elligible for Group RRSP


% % % % %5th percentile 5.89 25.47 25.47 9.59 8.691st quartile 3.65 23.31 23.31 7.89 7.13Median 2.96 21.71 21.71 6.85 6.503rd quartile 2.19 18.59 18.59 5.63 5.7395th percentile 1.29 9.82 9.82 2.79 3.77 S&P/TSX 3.17 22.88 22.88 6.89 6.28∆ S&P/TSX cap. 3.17 22.88 22.88 6.89 6.28


Quarter0%

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15%

20%

25%

30%




BMO AM Small Cap Fund1 Growth 8.31 4 29.06 3 29.06 3 6.03 3 5.49 4CIBC Canadian Equity Small Cap Pool1 Growth 9.65 1 20.80 6 20.80 6 -0.70 7 3.00 6Fiera Capital Canadian Equity Small Cap Core1 Core 8.27 5 28.50 4 28.50 4 4.19 5 5.63 3Fiera Capital Small Cap Equity Fund1 Core 5.43 8 19.31 8 19.31 8 -1.90 8 2.85 7Foyston, Gordon & Payne Canadian Small Cap1 Value -0.31 10 -7.13 10 -7.13 10 -3.81 9 -1.23 8Franklin Bissett Small Cap Fund1 Growth 5.40 9 -0.24 9 -0.24 9 -9.59 10 -4.23 9Hillsdale Canadian Small Cap Equity Fund Core 7.17 6 22.56 5 22.56 5 4.95 4 8.82 2Jarislowsky Fraser Small/Mid Cap Equity Fund1 GARP 9.37 2 30.20 2 30.20 2 8.84 1Mawer Canadian Small Cap Equity Fund Serie O1 Core 6.98 7 30.54 1 30.54 1 7.74 2 9.34 1PCJ Canadian Small Cap Fund1 Growth 8.77 3 19.92 7 19.92 7 0.56 6 4.34 5Number of funds 10 10 10 10 9

Small cap Canadian equityAs at December 31, 2019



Small cap Canadian equityAs at December 31, 2019 (cont’d)


% % % % %

5th percentile 9.52 30.39 30.39 8.34 9.13

1st quartile 8.66 28.92 28.92 5.76 5.63Median 7.72 21.68 21.68 2.37 4.343rd quartile 5.82 19.46 19.46 -1.60 2.8595th percentile 2.26 -4.03 -4.03 -6.99 -3.03 SS&P/TSX small cap. 6.20 15.84 15.84 -0.87 3.18

∆ BMO small cap. weighted -0.63 12.17 -4.92 0.20 1.12


Quarter-10%

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35%




Addenda U.S. Equity Pooled Fund1 GARP 7.90 4 25.61 9 25.61 9 14.72 8 13.20 13Burgundy American Equity1 Value 5.06 19 22.79 16 22.79 16 12.77 15 14.02 8Burgundy U.S. Small/Mid Cap1 Value 7.15 8 22.90 15 22.90 15 13.28 14 13.85 9Co-operators Value 8.14 2 23.37 13 23.37 13 14.52 9 12.97 14Duncan Ross Pooled Trust Value 5.86 13 23.93 12 23.93 12 16.56 6 13.23 12Fidelity U.S. Large Cap Core Institutional Trust1 Core 7.96 3 28.40 2 28.40 2 13.72 12 12.89 15Fiera Capital U.S. Equity ESG1 Core 7.55 6 27.33 5 27.33 5 18.96 3 17.05 2Fiera Capital U.S. Equity Fund1 Core 7.65 5 28.38 3 28.38 3 19.13 2 17.22 1Foyston, Gordon & Payne1 Value 2.92 23 17.71 21 17.71 21 11.80 17 10.46 22Franklin U.S. Opportunities Fund1 Growth 6.92 10 27.69 4 27.69 4 18.90 4 14.73 5Franklin U.S. Rising Dividends Fund1 Value 3.65 22 24.31 11 24.31 11 13.34 13 13.47 10Guardian Capital US All Cap Growth Fund Growth 7.02 9 27.26 6 27.26 6Hexavest US Fund1 Core 5.56 14 16.19 22 16.19 22 9.58 22 11.91 20Hillsdale U.S. Small Cap Equity Fund Core 3.86 21 13.35 23 13.35 23 10.09 21 14.36 6Jarislowsky Fraser1 GARP 5.22 17 18.67 20 18.67 20 10.77 20 12.36 18Manulife AM U.S. Large Cap Core Pooled Fund1 Core 8.53 1 28.59 1 28.59 1 11.31 19 13.46 11Mawer U.S. Equity1 GARP 4.17 20 27.12 7 27.12 7 17.15 5 15.69 3MFS U.S. Equity Core Fund1 Core 5.52 15 25.93 8 25.93 8 14.76 7 14.05 7PH&N U.S. Equity Fund1 GARP 6.57 11 22.99 14 22.99 14 14.18 10 11.92 19

RBC QUBE U.S. Equity Fund1 Core 5.32 16 20.75 18 20.75 18 12.55 16 12.82 16RBC QUBE U.S. Low Volatility Equity Fund1 Core 1.69 24 19.26 19 19.26 19 14.00 11 14.93 4SEI U.S. Large Company Core 6.15 12 21.65 17 21.65 17 11.76 18 11.69 21T. Rowe Price US Large-Cap Core Growth Equity Pool1 GARP 7.40 7 24.66 10 24.66 10 21.23 1 12.74 17Yorkville American QVR Enhanced Protection Class2 Value 5.18 18 9.82 24 9.82 24 6.99 23 4.45 23


U.S. equityAs at December 31, 2019

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Not elligible for Group RRSP


U.S. equityAs at December 31, 2019 (cont’d)


Quarter0%

5%

10%

15%

20%

25%



% % % % %5th percentile 8.11 28.40 28.40 19.12 16.911st quartile 7.44 27.16 27.16 15.66 14.21Median 6.00 23.65 23.65 13.72 13.233rd quartile 5.15 20.38 20.38 11.78 12.5595th percentile 3.03 13.77 13.77 9.63 10.58∆ S&P 500 6.97 25.18 25.18 14.00 14.25




Addenda International Equity Pooled Fund1 GARP 5.36 29 19.12 12 19.12 12 9.84 13 9.35 14Boston Partners International Equity1 Value 6.41 22 10.78 27 10.78 27 5.31 28 7.13 26Burgundy EAFE Fund1 Value 6.08 23 18.22 15 18.22 15 9.49 15 11.77 3CC&L Q International Equity Fund1 Core 7.12 13 16.40 19 16.40 19 9.93 12 9.48 13CIBC International Equity Index Pool1 Index 5.78 25 15.44 21 15.44 21 8.13 20 7.98 23CIBC International Equity Pool1 Growth 9.03 6 23.03 6 23.03 6 14.46 3 10.53 10Fidelity Concentrated International Small Cap1 Value 9.93 3 19.73 10 19.73 10 8.82 17 11.65 4Fidelity International Growth Trust1 Growth 7.24 12 19.66 11 19.66 11 9.00 16 8.32 20Fidelity Select International Equity Trust1 Value 5.96 24 18.06 16 18.06 16 8.05 22 7.39 25Fiera Capital International Equity Ethical ESG Fund1 Core 8.47 7 25.36 3 25.36 3 15.92 1 13.38 2Foyston, Gordon & Payne1 Value 5.40 27 17.89 17 17.89 17 10.11 11 8.40 18Global Alpha International Small Cap Equity Fund1 Core 11.06 1 23.37 5 23.37 5 15.32 2 17.75 1Gryphon Europac GARP 8.40 8 15.41 22 15.41 22 8.08 21 8.75 16Guardian International Equity Fund GARP 5.46 26 13.06 24 13.06 24 6.89 24 8.10 21Hexavest Europac Fund1 Core 5.39 28 11.47 26 11.47 26 6.25 26 7.58 24Hexavest Europac Fund Hedged in CAD1,2 Core 5.04 31 18.68 13 18.68 13 6.80 25 7.06 27Invesco International Growth Class1 Growth 7.49 11 25.38 2 25.38 2 11.44 8 9.59 12Jarislowsky Fraser1 GARP 6.73 16 20.58 9 20.58 9 10.30 10 9.19 15Mawer International Equity Fund1 GARP 6.42 21 15.95 20 15.95 20 11.91 7 10.90 8MFS International Equity Fund II1 Core 7.01 15 22.56 7 22.56 7 13.29 6 11.20 6NS Partners International Equity Fund1 GARP 9.15 5 26.13 1 26.13 1 13.38 5 10.88 9Orbis SICAV International Equity Fund1 Core 10.47 2 6.66 31 6.66 31 5.49 27 10.32 11PH&N Overseas Equity Pension Trust1 Value 6.55 19 24.26 4 24.26 4 13.61 4 11.08 7Pier 21 International Equity Pool1 GARP 9.28 4 21.32 8 21.32 8 11.26 9

SEI Investments (Active) Value 7.50 10 16.99 18 16.99 18 8.52 19 8.50 17

International equityAs at December 31, 2019

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Hedged




Setanta EAFE Equity Fund Value 6.58 17 13.10 23 13.10 23 8.71 18 11.46 5Sprucegrove1 Value 8.00 9 11.52 25 11.52 25 7.61 23 7.99 22T. Rowe Price International Discipline Equity Pool Fund1 Core 7.05 14 18.52 14 18.52 14 9.72 14 8.38 19Templeton EAFE Developed Markets Fund1 Value 5.21 30 7.86 29 7.86 29 3.89 32 6.26 28Templeton International Equity Trust1 Value 6.55 18 7.74 30 7.74 30 5.09 29 5.87 30Templeton International Stock Trust1 Value 6.42 20 8.08 28 8.08 28 5.09 30 6.01 29Yorkville International QVR Enhanced Protection Class3 Value 2.09 32 4.29 32 4.29 32 4.12 31Number of funds 32 32 32 32 30

International equityAs at December 31, 2019 (cont’d)

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI3 Not eligible for group RRSP money4 E.A.F.E.: Europe. Australasia and Far East


Quarter0%

5%

10%

15%

20%

25%



% % % % %5th percentile 10.17 25.37 25.37 14.85 12.651st quartile 8.10 20.77 20.77 11.31 10.90Median 6.66 17.98 17.98 8.91 8.973rd quartile 5.92 12.68 12.68 6.87 7.98

95th percentile 5.13 7.25 7.25 4.65 6.12∆ E.A.F.E4 5.94 15.85 15.85 8.34 8.08




Addenda Capital’s Global Equity Pooled1 GARP 5.68 38 21.08 23 21.08 23 12.29 18 11.28 25

AGF Global Core Equity Pooled Fund1 Core 5.98 34 19.69 27 19.69 27 8.20 41 10.23 34

BMO AM Global Equity Fund1 Value 4.71 46 16.12 37 16.12 37 10.08 30 10.38 31

BMO AM Responsible Global Equity ESG Fund1 Growth 8.56 6 27.66 5 27.66 5

Boston Partners Global Equity1 Value 5.08 42 13.99 45 13.99 45 7.28 48 9.78 39

Burgundy Global Equity Fund1 Value 4.93 44 18.40 32 18.40 32 9.97 31 11.83 17

CC&L Q Global Equity Fund1 Core 7.07 20 21.84 20 21.84 20 12.04 20 11.64 21

CGOV Equity Fund1 Core 6.73 27 20.34 25 20.34 25 14.62 12 11.75 20

CI Signature Global Equity Fund1 Core 6.90 24 20.66 24 20.66 24 10.52 28 10.18 36

Fidelity Select Global1 Core 7.01 22 22.48 18 22.48 18 11.00 25 10.54 29

Fidelity Select Global Plus Trust1 Core 7.22 17 21.79 21 21.79 21 11.07 23 10.46 30

Fiera Capital Global Equity Fund1 Core 7.04 21 27.81 4 27.81 4 18.41 4 15.80 2

Foyston, Gordon & Payne Global Equity Fund1 Value 6.33 32 16.78 35 16.78 35 10.22 29 9.61 41

Franklin World Growth Corporate Class (O)1 Growth 10.19 1 32.40 1 32.40 1 18.21 5 13.85 8

Global Alpha Global Small Cap1 Core 8.45 8 25.75 10 25.75 10 12.28 19 14.58 7

Guardian Fundamental Global Equity Fund Core 6.69 28 23.29 15 23.29 15 19.38 1 18.22 1

Guardian Global Dividend Growth Equity GARP 1.69 50 19.37 28 19.37 28 9.53 35 9.15 42

Hexavest ACWI Fund1 Core 6.00 33 13.61 48 13.61 48 7.77 46 9.98 38

Hexavest ACWI Fund Hedged in CAD1,2 Core 6.90 25 18.95 30 18.95 30 7.89 43

Hexavest World Fund1 Core 5.59 39 14.50 44 14.50 44 7.73 47 10.35 33

Hexavest World Fund Hedged in CAD1,2 Core 6.76 26 20.09 26 20.09 26 8.07 42 8.22 44

Hillsdale Global Small Cap Equity Fund Core 7.49 16 14.70 42 14.70 42 8.99 38 12.44 12

Invesco Global Companies Fund1 Value 6.96 23 23.86 14 23.86 14 11.35 21 12.38 13

Invesco Global Small Cap Equity Pool1 Core 8.09 13 19.02 29 19.02 29 9.95 32 10.81 26

Jarislowsky Fraser1 GARP 6.49 30 22.92 17 22.92 17 12.66 16 12.18 14

Manulife AM Global Equity Pooled Fund1 Core 4.84 45 24.11 13 24.11 13 13.14 15 11.29 24

Global equityAs at December 31, 2019

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Hedged




Mawer Global Equity1 Core 5.89 36 22.30 19 22.30 19 15.45 11 13.84 9

Mawer Global Small Cap1 Core 9.51 4 26.44 7 26.44 7 15.45 10 15.35 6

MFS Blended Research Global Eq. Extension Fund1 Core 7.15 18 15.53 40 15.53 40 11.07 24 10.22 35

MFS Global Equity Growth Fund1 Growth 7.14 19 30.35 2 30.35 2 19.36 2 15.73 3

MFS Global Research Fund1 Core 6.41 31 26.51 6 26.51 6 14.25 13 12.77 11

MFS Low Volatility Global Equity Fund1 Core 2.93 48 15.25 41 15.25 41 11.20 22 11.90 16

Optimum Global Equity1 Value 5.83 37 18.46 31 18.46 31 9.90 33 10.69 28

Orbis SICAV Global Equity Fund1 Core 9.99 2 16.15 36 16.15 36 7.83 45 11.36 23

PH&N Global Equity Fund1 GARP 8.72 5 26.30 8 26.30 8 17.77 6 15.60 4

Pier 21 Global Value Pooled Fund1 Value 2.64 49 13.96 46 13.96 46 8.97 39 11.37 22

Pier 21 Worldwide Equity Pooled Fund1 GARP 6.53 29 24.96 12 24.96 12 15.56 9 12.95 10

RBC Global Equity Focus Fund1 Core 8.55 7 26.17 9 26.17 9 17.74 7 15.53 5

RBC QUBE Global Equity Fund1 Core 5.91 35 15.71 38 15.71 38 10.56 27 10.35 32

RBC QUBE Low Volatility Global Equity Fund1 Core 0.74 51 14.61 43 14.61 43 10.83 26 11.76 19

Schroder Global Alpha Fund (Canada)1 Core 8.16 12 21.41 22 21.41 22 12.43 17 11.81 18

Setanta Global Dividend Fund Value 7.67 14 15.60 39 15.60 39 9.65 34 9.98 37

Setanta Global Equity Value 4.96 43 13.85 47 13.85 47 9.41 36 10.71 27

Setanta Global SRI Equity Fund Value 4.33 47 12.62 49 12.62 49 9.24 37

Sprucegrove1 Value 8.17 11 16.82 34 16.82 34 8.42 40 9.63 40

T. Rowe Price Global Focused Growth Equity Pool1 Growth 9.94 3 28.58 3 28.58 3 18.69 3

T. Rowe Price Global Growth Equity Pool1 Growth 7.50 15 24.97 11 24.97 11 17.49 8

Templeton Global Equity Trust1 Value 5.43 40 10.73 50 10.73 50 5.40 50 6.83 46

Templeton Global Smaller Companies 1 Value 8.19 10 18.26 33 18.26 33 7.89 44 8.81 43

Templeton Global Stock Trust1 Value 5.26 41 10.31 51 10.31 51 6.22 49 7.25 45

UBS (LUX) Global Sustainable Equity Fund - (CAD) I-X acc1,3 Core 8.25 9 23.10 16 23.10 16 13.42 14 12.08 15


Global equityAs at December 31, 2019 (cont’d)

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI3 Not eligible for Group RRSP


Global equityAs at December 31, 2019 (cont’d)


Quarter0%

5%

10%

15%

20%

25%



% % % % %5th percentile 9.72 28.20 28.20 18.56 15.701st quartile 7.88 23.98 23.98 14.04 12.43Median 6.76 20.09 20.09 10.92 11.323rd quartile 5.64 15.65 15.65 9.05 10.2295th percentile 2.79 13.11 13.11 7.48 8.37∆ MSCI World 6.32 21.22 21.22 11.32 11.22


Other fundsAs at December 31, 2019

Emerging markets


% % % % %5th percentile 12.01 20.95 20.95 14.55 12.301st quartile 10.48 16.66 16.66 12.69 10.41Median 8.89 15.19 15.19 11.93 9.813rd quartile 6.13 8.98 8.98 9.29 7.5895th percentile 1.38 0.32 0.32 4.30 5.30MSCI Emerging Markets 9.62 12.87 12.87 10.74 8.43Number of funds 17 17 17 17 15

Hedge fundsAs at December 31, 2019



CC&L All Strategies Fund1 4.57 1 16.99 2 16.99 2 3.49 3 7.66 2CC&L Multi-Strategy Fund1 2.67 3 5.80 4 5.80 4 1.04 5 4.55 5

CC&L Q Equity Extension Fund1 2.46 4 18.95 1 18.95 1 6.23 1 7.40 3CC&L Q Market Neutral Fund1 1.70 5 1.26 6 1.26 6 2.61 4 9.18 1Fiera Capital North American Market Neutral Fund1 4.02 2 4.56 5 4.56 5 0.46 6 2.87 6

PCJ Absolute Return Trust1 1.16 6 10.72 3 10.72 3 5.47 2 6.87 4Credit Suisse Hedge Fund Index 0.46 4.07 4.07 3.12 4.99Number of funds 6 6 6 6 6



Asset Management ConsultingMorneau Shepell provides independent advice on all aspects of asset/liability management for pension funds including the following:

Investment Policy• Matching asset allocation to liability• Projection of liability and risk analysis• Cost Control• Structure of portfolio management

assignments

Investment Performance• Independent performance evaluation

reports• Benchmarking performance and risks• Reporting process of managers

to trustees

Governance• Outsourcing of fund management

monitoring• Review of controls and assignments• Review of safeguards on derivative

instruments

Portfolio Managers• Selection of managers for both

DB and DC plans• Contracting of managers• Agreement on management fees

Investment Strategy• Measure of the reduction of your

pension costs associated with various levels of investment risks

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Morneau Shepell

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